There is nothing in President Obama's economic stimulus package that will ward off the next round of billions of dollars of losses in the financial sectors due to credit card and auto loan defaults which are now coming to fruition; this nation needs an immediate short-tern solution to stave off these loses that are a certainty to occur in the coming months, and the administration's refusal to address this issue will undoubtedly result in more taxpayer money being needed to bailout more losses predicted to happen early this year.
Now that the "Stimulus"- has been passed by the Senate, and we know what is contained in the package, it is obvious that the next round of this financial meltdown is guaranteed to cause the financial community to request more taxpayer money to "bailout"- themselves from the billions in credit card and auto loan defaults that are already beginning to occur; for those of you that have the means, it's now time to prepare your families to withstand another "great Depression"- - and I believe that it's right around the corner, as nothing in the stimulus package was enacted to stop the next round of huge losses in the financial sector. After reading an excellent synopsis of what is included in the Stimulus Package, "Summary of the Stimulus bill - Don't look half bad to me"- , I am even more convinced that the worst it yet to come.
After reading the "World's richest countries pledge to fix economy"- and the G-7 attempts to impose its plan of a "global economy"- upon a gullible populace, the "New World Order"- that so-called "conspiracy theorists"- have been warning us of for years is about the be set in motion - and in this writer's opinion, their actions spell doom for any country that attempts to get their own house of cards in order, which is why I opined that "Free Trade Is A Misnomer; So-Called Protectionism Is A Matter of Self Survival."- One comment made on Op-Ed News sums-up my belief on this issue - and if the United States plans on coming out of this upcoming Depression intact, our leadership should take heed to this insightful comment that could make or break our entire nation, literally and figuratively speaking:
Free trade is a massive boondoggle!
Buy American provisions are intended to strengthen a moribund American manufacturing base. The reason that the U.S. Chamber of Commerce opposes them is because they represent U.S. corporations who have moved their production overseas. They have no intention of bringing that production back onshore until the work force of the United States has been made vulnerable to the cesspool of labor abuse that they apply freely in third world countries.
Put the protectionist measures in place now. Will it start a trade war? It won't if it is done reasonably, say, returning to the pre-Reagan levels that kept Americans working.- Advertisement -
Even if it does result in a trade war, so what? We are better positioned than any other "industrialized"- country to withstand its effects. The rest of the world isn't buying our goods now, since they can't compete with the undercutting of Chinese made goods. Much of what is billed as American is manufactured by American based transnational corporations in other countries.
I suppose they could refuse the minerals, timber and foodstuffs that we export, but that would hurt them more than us by making those commodities scarcer and more expensive on world markets.
Who would be hurt? American based transnational corporations would be, as they should be. For every one of those overfed leviathans that went belly up, American entrepreneurs would step in to fill the domestic gap.
Perhaps the world would stop dealing with the American based transnational financial apparatus. That would be good for everyone except those bankers who might finally be induced to hurl themselves from their office windows.
Trade war? We can afford it.
by John Sanchez Jr. (7 articles, 0 quicklinks, 14 diaries, 1471 comments) on Friday, February 13, 2009 at 11:09:23 AM
There has been a lively debate at this LINK, and some of the comments are extremely insightful - which I would suggest that everyone read to attempt to understand the difference between "protectionism"- and "survival."- Right now, we in the United States need to survive, and allowing the "New World Order"- to reduce this nation to "Third World"- status is not what I call survival. Based on what the stimulus package lacks, and how GOP obstructionism has cut the stimulus, it now contains nothing that are short-term solutions that will prevent this "recession"- from turning into another Great Depression - and those who are knowledgeable enough to see-through this issue need to brace for what I believe is going to become far worse before it has the chance to get better. Self-survival is a matter of preparedness and seeing the forest through the trees. I may be wrong, but based on every honest economic indicator that exists, we need to hope for the best and brace for the worst - which appears to be directly on the horizon.